This May the Flagstaff area had 80 single family homes change ownership. This was a strong increase from April’s 58 sales but is still lagging behind the 88 homes sales in May of 2016. The dip in sales we saw in April in the $400,000-500,000 price range rebounded nicely in May with 22 sales. Inventory continues to be a stress to the market with buyers having limited opportunities and a very competitive market, especially in the $400,000 and under range. On the upper end, there were 3 home sales in Forest Highlands over the $1,000,000 price. These 3 sales did increase the averages sales price (see below).
Nationally, most areas of the nation are facing a very similar market with sales lagging due to inventory levels. If you have a moment please watch the video from the National Association of REALTORS® chief economist, Lawrence Yun discussing the market trends and how inventory levels are limiting sales nationwide.
The average sales price for single family homes in the Flagstaff area for May was $460,393 with an average price/sq. ft. of $198.72. The median sales price was $398,500.
Our Flagstaff market did have 14 condo sales and 35 townhome sales in May.
Take a look below for an in-depth look at the current market conditions in the graph below.
Single Family Flagstaff Home Sales – May 2017
NOTE: THE DATA REPORTED HERE ARE BASED ON HOME SALES IN THE FLAGSTAFF METRO AREA (THE CITY OF FLAGSTAFF AND IMMEDIATELY SURROUNDING COUNTY AREAS THAT HAVE FLAGSTAFF MAILING ADDRESSES) AS REPORTED IN THE MULTIPLE-LISTING-SERVICE MAINTAINED BY THE NORTHERN ARIZONA ASSOCIATION OF REALTORS.® THE DATA MAY NOT REFLECT ALL SALES (BUT IT SURELY REFLECTS MOST OF THEM).
To buy or sell a Flagstaff home, you need more than the general advice in this blog. That is where we can help. Contact The Elite Team at RE/MAX Peak Properties – Give us a call at 928-714-0001 or send an email to firstname.lastname@example.org for experienced, professional advice on purchasing or selling a home in Flagstaff.